XRG, Adnoc's international energy investment platform, has signed a non-binding agreement to acquire a stake in Azerbaijan's Southern Gas Corridor (SGC) company amid growing ties between the two countries.
The heads of terms agreement was signed on Monday by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Adnoc’s managing director and group chief executive, and chief executive of XRG, with Mikayil Jabbarov, Azerbaijan’s Minister of Economy and chairman of the State Oil Company of the Republic of Azerbaijan’s (Socar) supervisory board at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec) on Monday.
The investment supports XRG’s regional strategy in the Caspian and will support the delivery of gas resources from Azerbaijan to the European market, the company said.
It also reinforces co-operation between the two countries in strategic energy projects, deepening their economic partnership.
SGC, established in 2014, is an Azerbaijani energy holding company owned by Azerbaijan’s Ministry of Economy and Socar. It operates natural gas-producing assets and a 3,500km pipeline network that runs from the Caspian through Turkey to southern Europe.
The network has the capacity to deliver up to 26 billion cubic metres of gas a year.
Its assets also include participating interests in the Shah Deniz gas and condensate field, the South Caucasus Pipeline, the Trans Anatolian Pipeline, the Trans Adriatic Pipeline, and shares in Azerbaijan Gas Supply Company.
XRG was launched last year as an international lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion.
The company has been actively increasing its operations globally and plans to double its asset value over the next decade, capitalising on the energy transition, artificial intelligence and the rise of emerging economies.
XRG’s existing holdings in the Caspian include a 30 per cent stake in the Absheron gas and condensate field in partnership with Socar, and a 38 per cent interest in the offshore Block I gas concession in Turkmenistan.
The latest agreement could expand XRG’s collaboration with Socar from gas production to delivery of energy resources to European markets seeking to diversify their supply, the company said. It also has the potential to contribute to Azerbaijan’s economic growth, XRG said.
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- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
